Pension Planning


Peter Andreyev
NJSPBA
158 Main Street
Woodbridge, NJ 07095-2108

Tel: (732) 636-8860
Fax: (732) 636-0172
pandreyev@njspba.com

Pension Events

 

Peter Andreyev has been a member of the Point Pleasant Beach Police Department since being hired as a Special Officer in 1992. He was hired full time as a Police Officer in February of 1994. Though most of his career was spent in Patrol, Pete also had assignments as a Bicycle Patrol Officer and as an Investigator. Pete also served as a Police Academy and Department Instructor in the Use of Force (Defensive Tactics) and EVOC. Pete was elected President of Point Pleasant Beach PBA Local 106 in June of 1996 and then took over an unexpired term as Delegate in November of 1997 and has served ever since. In 2003 Pete was elected to the State PBA Executive Board and is currently serving as 2nd Vice President.

In 2003 Pete was elected as Chairman of the Ocean County PBA conference and was appointed to various committees on the state level. Currently Pete serves on the Scholarship Committee, as well as the new delegates committee and convention committee. Pete was appointed to become the Chairman of the Convention Committee in 2013.

Pete was named the NJSPBA Pension Coordinator and started in that capacity on October 1, 2014. He will conduct Police and Firemens' Retirement System pension seminars throughout the state and will meet with individual members seeking information on disability retirements. He is available to answer any questions regarding the PFRS system by phone, email or in person.

View Pension Links

Pension News


Statement of New Jersey State PBA President Patrick Colligan on State Supreme Court Decision With Regard to Pension Cost of Living Increases

(Woodbridge, NJ - June 9, 2016)- Today the New Jersey Supreme Court ruled that Governor Chris Christie was within his authority to take away cost of living adjustments from retirees.   The pension adjustments based on inflation, commonly known as COLA, were stripped away from retirees by Governor Christie in 2011.

“NJSPBA members agree that state government needs to be concerned with fiscal responsibility, especially when dealing with unfunded pension liabilities.  But the reality is that retired law enforcement officers and fire fighters held up their end of the pension agreement.  These former officers didn’t skip pension contributions, while the state continues to skip or underfund their responsibility.  An actuarial analysis of PFRS found that the state’s actual contributions to PFRS have averaged only 60% of what the state was required to pay since 1998.
 
“New Jersey’s pension system is not one monolithic fund that is losing money daily.  In fact, the State manages five pension plans for State and local employees.  Of those five, the Police and Firemen’s Retirement System (PFRS) is financed mainly by local governments, law enforcement officers and firefighters who have been making their required pension payments.  The current funded level of the local portion of PFRS is near 80% and far ahead of the other pension systems.
 
“The NJSPBA believes that an honest discussion on pension funding and the health of the State’s pension system will show the pension system that police officers and fire fighters rely on for their retirement, PFRS, is financially stable and positioned to succeed if required payments are made moving forward.
 
Retired law enforcement officers were stripped of annual cost of living increases by Governor Christie in 2011.  These retired officers are living on fixed incomes and approximately 80% do not receive social security benefits.  The burden caused by the state skipping pension payments should not fall on the backs of our retirees.  We need a full-time governor moving forward to deal with the state’s growing problem with regard to unfunded pension liabilities.”

News Article from NJ.com: To boost N.J.'s public pension funds, avoid costly investment fees | Opinion

This is a must read! Phil Murphy is certainly beyond qualified to comment on this issue and offer some expert advice to our NJ Division of Pension Investment Managers. 

Read Article Here

Important message from Pension Coordinator Peter Andreyev

In conjunction with the Ocean County Police Academy, we have canceled our Pension Seminar for Tuesday October 6, 2015 in anticipation of landfall of Hurricane Joaquin.  The seminar has been rescheduled for Monday November 16, 2015 at 1:00 pm.

 

Tags: Pension
News Alert from 1st VP Peter Andreyev

Post Retirement Employment Restrictions:

The New Jersey State PBA has received the latest fact sheet regarding post retirement employment restrictions.  Fact sheet 86 (August 2015) does a good job informing our members of the many restrictions that pertain to post retirement employment.    The pension benefits that our members receive are governed by New Jersey Statutes as well as the Internal Revenue Code.  Our pensions are considered a qualified governmental defined benefit plan in accordance with Internal Revenue Code sections 401(a) and 414(d).  In order for the State of New Jersey to keep the qualified status and to protect retirees from a 10% early distribution tax penalty on monthly pensions, the Division of Pensions was required to adopt and enforce the regulations and compliance with the IRC requirements.

The Fact Sheet has confirmed what we have been advising our members;  if you return to work with the same employer in any capacity, the member would need to have a bona fide separation of service of 180 days. The Division of Pensions has done a good job explaining and using examples of what members of the pension system can and can not do. They also clearly inform our members of the penalties that we are subject to should our members violate the IRC/Pension restrictions.

This is the most frequently asked question we get at the NJSPBA office, so take a few moments to familiarize yourself with this fact sheet.  As always, if you have questions regarding this fact sheet please call or email me at the New Jersey State PBA Office.

Thanks,
Peter Andreyev
NJSPBA Pension Consultant

Click Here for Fact Sheet #86

NJSPBA President: Police and Firefighter Pensions Under Control

Gov. Chris Christie insists that if the underfunded public worker pension system isn’t reformed it will mean huge tax hikes or a permanently busted budget. The president of the State Police Benevolent Association calls that a scare tactic that’s not based on fact. He says the pension system for law enforcement officers and firefighters is healthy, structurally sound and 100 percent funded by employers and employees alike. Pat Colligan, president of the New Jersey State Policemen’s Benevolent Association told NJTV News Anchor Mary Alice Williams how full pension funding is possible for firefighters and police officers.

Colligan claims that the police and firefighters retirement system doesn’t belong in the larger discussion of pension funding in New Jersey. He says that there are five distinct funds in the state, including one for police and firefighters, which has the highest funding rate of any of them. “Our funding rate is 76, 77, 78 percent so our funding level actuarially is very strong,” he said.

Funding for police and firefigher pensions is different than other state worker pension systems. While the state is unable to make pension payments, local municipalities have been contributing to police and fire pensions.

“The funding is different because the state is not making contributions for the state employees, but on the local side, local employers, county employers, the counties and the towns are making the contributions. They’re making 100 percent of their contributions and they have for years now. We’re certainly making 100 percent of our contributions and we have been since the pension system started. We have no state funding except for some of our state employees on the police side, we have state corrections, state park police, things like that but that’s even manageable and once we get portions we’ll get that back up,” Colligan said.

Colligan has said in the past that Christie used increases in contributions to police and firefighter pensions to offset other gaps in the state budget. “Part of Chapter 78 is our portion is going from 8.5 to 10 percent. Some guys did [have issues], but we had no problem with it because it was going to go back into our system and then we come to find out six to 10 months in that that money is actually being rebated back to the towns and isn’t going into our pension system where it belongs,” he said.

He also contends that there was no trust lost between the governor and the police and firefighter unions because he never made an effort to establish a relationship when he became governor. “I think if he had sat down with us and see that we’re very realistic in funding and the ideas that we have to keep our pensions sound, I think he would have been surprised at how open we are to making some changes and doing some things that are thinking outside the box a little bit,” Colligan said.

So what needs to be done to make sure that the fund is sound? Colligan says we need to look at the whole fund — and there are issues. “Teachers have a major issue coming in 10 or 12 years. The state employees do. But on the police and fire side, if you look at it separately, as you should be because they actuarially separate it, we are a very sound and healthy system that goes out decades before we see any issues financially,” he said.

Ultimately, Colligan says that it’s unlikely the police or fire unions are ever going to have an issue with the state in terms of funding thanks to local cities and towns making good on their payments.

“On the police and fire pension, we get such a small percentage from the state just for those state employees. About 50 firefighters, 5,000 to 6,000 state corrections officers and park police, human services police, but that’s manageable,” he said. “We even have a plan to get them into full funding. So it’s all manageable as long as you separate us out.”

To see the full article from NJTV News Click Here

1 2 3 4 5  ...